STD Banco Santander, S.A. Sponsored Adr (Spain)

THE EVENT: European financial stocks were hit recently by mounting worries over their exposure to weak economies in the region after ratings agency Standard & Poor's downgraded Spain's sovereign debt by one notch, reduced Greece to junk status and cut Portugal to A-minus.

Euro-zone finance ministers and the International Monetary Fund have since agreed a EUR750 billion support plan intended to head off the possible escalation of the debt crisis afflicting Greece.

Below is a list of exposures declared by individual banks and insurance companies:

FRANCE:

*Credit Agricole (ACA.FR): Greek government bonds EUR850 million, of which its Emporiki Bank of Greece (TEMP.AT) unit accounts for EUR600 million. Greece commercial commitments EUR2.4 billion, mainly secured lending against ships and trading transactions. Greek interbank risk EUR180 million. Holds minority stakes in Banco Espirito Santo (BES.LB) of Portugal and Bankinter (BKT.MC) of Spain.

*Societe Generale (GLE.FR): Greek state exposure of EUR3 billion at end-April. Overall exposure to Portugal, Italy, Ireland, Greece, Spain around EUR13 billion. SocGen owns a majority stake in Greek bank Geniki.

*BNP Paribas (BNP.FR): Exposure to Greek sovereign debt around EUR5 billion, commercial sector exposure around EUR3 billion, mainly in the shipping sector with loans secured by assets.

*Natixis (KN.FR): Greek exposure at end-April EUR882 million. Greek sovereign debt EUR160 million. Commercial exposure EUR618 million, mainly international shipping sector companies, project finance. Greek bank exposure EUR104 million.

*BPCE: Greek exposure at end-April EUR2.1 billion, includes EUR1.4 billion sovereign debt.

*AXA (AXA): At end March, government bond exposure EUR5.2 billion for Italy, EUR3.8 billion for Spain, EUR800 million for Portugal, EUR500 million for Greece and EUR400 million for Ireland.

*CNP Assurances (CNP.FR): Net of policyholder participation and tax, Greece EUR113 million, Portugal EUR154 million, Spain EUR241 million, Ireland EUR103 million, Italy EUR438 million.

GERMANY:

*Deutsche Bank (DB): Exposure to sovereign bonds and loans in Greece, Ireland and Italy totaled EUR4 billion. Of that, EUR500 million is Greek debt and EUR3.2 billion was tied to Italy, EUR200 million to Ireland. No exposure in Spain and Portugal.

*Deutsche Postbank AG (DPB.XE): Greece EUR1.3 billion. Portugal EUR50 million, Spain EUR1.2 billion, Ireland EUR350 million, Italy EUR4.7 billion.

*Commerzbank (CBK.XE): Greece EUR3.1 billion, total of EUR26.5 billion public finance exposure to Greece, Ireland, Italy, Portugal and Spain.

*Munich Re AG (MUV2.XE): On March 31, it had exposure of EUR2.5 billion to Ireland, just below EUR5 billion to Italy, EUR2.3 billion to Greece, EUR1.9 billion to Spain, Portugal EUR800 million.

*Hannover Re (HNR1.XE): Greek exposure EUR35 million.

*Allianz (ALV.XE): Greece EUR900 million, Portugal EUR500 million, Spain EUR1.8 billion, Italy EUR7.6 billion.

*Hypo Real Estate: Greece EUR7.9 billion, Portugal EUR1.7 billion, Spain EUR2.7 billion, Italy EUR26.5 billion.

UK:

*Lloyds Banking Group (LYG): Greece, Portugal not material.

*Royal Bank of Scotland Group (RBS): Credit exposure, Greece under GBP1 billion (personal, sovereign, banks/financial institutions/corporate), Portugal GBP1.4 billion (GBP42 million sovereign, GBP1.1 billion corporate).

*Barclays (BCS): Greek government debt exposure, GBP200 million. Exposure through retail and wholesale banking is small. Overall exposure to Spain and Portugal small.

*Standard Chartered (STAN.LN): None.

*HSBC (HBC): Greek sovereign bonds EUR1.5 billion. Exposure to markets hit by Greek crisis small.

*Prudential (PRU.LN): Greece, Portugal, Ireland none. Spain GBP1 million.

*Standard Life (SL.LN): Minimal.

*Aviva (AV.LN): Shareholder exposure to debt securities of the governments of Greece, Spain and Portugal is GBP900 million. Includes GBP150 million exposure to Greek debt.

SWITZERLAND:

*Credit Suisse (CS): Not material.

*UBS (UBS): Some exposure to Spanish debt, minimal exposure to Greece and Portugal.

*Swiss Reinsurance (RUKN.VX): Government bonds at end-2009: Greece CHF482 million, Portugal CHF50 million, Spain CHF127 million.

*Swiss Life (SLHN.VX): Cut its exposure to Greece to around CHF250 million from around CHF335 million in February. Exposure to Portugal, CHF170 million.

ITALY:

*Assicurazioni Generali SpA (G.MI): Greece EUR749 million, Portugal EUR600 million, net of policyholder participation and tax.

*Intesa Sanpaolo (ISP.MI): Government bonds, Greece EUR1 billion.

*UniCredit (UCG.MI): Exposure to Italian government debt EUR31.5 billion, exposure to Greek debt EUR993 million, EUR550 million Spanish public debt, EUR66 million Irish public debt, EUR32 million Portuguese government bonds.

BELGIUM:

*KBC (KBC.BT): Government bonds, Greece EUR1.2 billion, Portugal EUR600 million, Spain EUR2.4 billion.

*Ageas NV (AGS.BT) (Ex-Fortis Holding): EUR9.1 billion exposure to Southern Europe on total investment portfolio of around EUR60 billion.

*Dexia (DEXB.BT): Exposure to Greek government bonds EUR3.7 billion. Its insurance businesses also has EUR1.2 billion Greek sovereign debt. No exposure to the Greek local economy.

NETHERLANDS:

*ING Groep (ING): Greece EUR3 billion, Portugal EUR1.9 billion, Spain EUR3 billion, Italy EUR7.9 billion.

*Aegon (AGN.AE): Greece EUR92 million, Portugal EUR58 million, Spain EUR1.78 billion, Ireland EUR138 million, Italy EUR143 million.

*SNS Reaal (SR.AE): Greece EUR266 million, Spain EUR798 million, Italy EUR1.46 billion.

*Delta Lloyd (DL.AE): Cut holdings in Greek debt 80% to EUR265 million, reduced exposure to Italian sovereign debt 61% to EUR1.46 billion in the first months of 2010.

SPAIN:

*Banco Bilbao Vizcaya Argentaria SA (BBVA): Little exposure to Greece, Portugal.

*Banco Santander (STD): Greek government bonds EUR200 million in its ALCO bond portfolio, Portugal EUR3.3 billion in government bonds, Spain EUR24 billion in government debt.

*Mapfre SA (MAP.MC) has EUR540 million in Greek debt, or 1.7% of its bond portfolio, and a similar amount of Portuguese debt.

SWEDEN

*Svenska Handelsbanken (SHB-B.SK): Greek bank exposure SEK16 million. No exposure to the state of Greece. Exposure to Ireland SEK47 million, exposure to Italy SEK413 million, exposure to Portugal SEK2 million, exposure To Spain SEK930 million.